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Insurance Coverage Examples
As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures a person's savings up to at least $250,000 -- with higher total coverage available if the member has a combination of individual, joint, trust, payable-on-death and other types of accounts; there is also separate insurance coverage of up to $250,000 for individual retirement accounts.
The Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008, increased the insurance coverage on all accounts up to $250,000 through December 31, 2009.
Below are examples of how your accounts could be covered:
| Individual Coverage |
| Individual | Individual | $250,000 |
| IRA | Retirement | $250,000 |
| Keogh | Retirement | $250,000 |
| TOTAL | $750,000 |
| Family of Two |
| Individual Accounts | Husband Individual | $250,000 |
| Wife Individual | $250,000 |
| Joint Tenancy Accounts | Husband & Wife (Joint) | $500,000 |
| Testamentary Revocable Trust Accounts | Husband as Trustee for Wife | $250,000 |
| Wife as Trustee for Husband | $250,000 |
| IRA | Husband's Retirement | $250,000 |
| Wife's Retirement | $250,000 |
| TOTAL | $2,000,000 |
| Family of Three |
| Individual Accounts | Husband Individual | $250,000 |
| Wife Individual | $250,000 |
| Child Individual | $250,000 |
| Joint Tenancy Accounts | Husband & Wife (Joint) | $250,000 |
| Husband & Child (Joint) | $250,000 |
| Wife & Child (Joint) | $250,000 |
The Husband is insured to $250,000 on his two accounts with Wife and Child. The Wife is insured
to $250,000 on her two accounts with Husband and Child. The Child is insured to $250,000 on
his/her accounts with father and mother. |
| KEOGH | Husband | $250,000 |
| Testamentary Revocable Trust Accounts | Husband as Trustee for Wife | $250,000 |
| Husband as Trustee for Child | $250,000 |
| Wife as Trustee for Husband | $250,000 |
| Wife as Trustee for Child | $250,000 |
| TOTAL | $2,750,000 |
| Family of Four |
| Individual Accounts | Husband Individual | $250,000 |
| Wife Individual | $250,000 |
| Child #1 Individual | $250,000 |
| Child #2 Individual | $250,000 |
| Joint Tenancy Accounts | Husband & Wife (Joint) | $250,000 |
| Husband & Child #1 (Joint) | $250,000 |
| Wife & Child #2 (Joint) | $250,000 |
| Child #1 & Child #2 (Joint) | $250,000 |
As in the previous illustration, none of the co-owners have an interest of more than $250,000 in
all the joint accounts, so the total amount held by each of the co-owners in all joint accounts
is insured. |
| Testamentary Revocable Trust Accounts | Husband as Trustee for Wife | $250,000 |
| Wife as Trustee for Husband | $250,000 |
| Husband as Trustee for Child #1 | $250,000 |
| Wife as Trustee for Child #1 | $250,000 |
| Husband as Trustee for Child #2 | $250,000 |
| Wife as Trustee for Child #2 | $250,000 |
| IRA | Wife | $250,000 |
| KEOGH | Husband | $250,000 |
| TOTAL | $4,000,000 |
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